Remortgage Advice in London

A remortgage in London is the process of taking out a brand new mortgage, in the house you are already in, once you are at the point where your existing deal is set to end.

Many homeowners will choose a fixed-rate mortgage to keep their payments consistent for a period of time, and then once this period is over, remortgage in London to access a better deal.

In order for your mortgage to be classified as a remortgage in London, you will take out your mortgage with another mortgage lender to the one you had before. This is called a product transfer if you take out a new mortgage with the same mortgage lender.

It is understandable that you want to be at the best interest rate because mortgages are one of the biggest financial commitments you make. It is for this reason that people will typically look to take out a remortgage in London.

There are a variety of reasons why a homeowner may want to remortgage in London, such as to release equity to cover the costs of any home improvements or to consolidate unsecured debts.

If you do not decide to remortgage in London, you could end up on the standard variable interest rate of your mortgage lenders, which we tend to find more expensive. Remortgaging in London can be a terrific way for homeowners to save money!

This answer may change depending on the lender you used and the size of the unsecured debt you have accumulated. But yes, sometimes you can remortgage in London to incorporate your debts into your mortgage. When you do this, your monthly mortgage payments will increase, as will your mortgage term.

You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.

Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.

Here at Londonmoneyman, your free remortgage review with one of our dedicated remortgage advisor in London will last 30 minutes to 1 hour. During your appointment, we will review your current mortgage deal and see if you can access a better rate. We will also review all your other remortgage options in London.

We believe in being fully transparent, so if we think you can access a better rate, we will search through 1000s of remortgage deals in London and find the perfect one for you.

The fees that are involved with remortgaging in London are like those that came with your first mortgage set-up, depending on which mortgage broker in London you went with first.

If you speak to a mortgage broker in London, they will run through all these fees with you. They will consider said fees when comparing the savings of the new deal with your current mortgage.